The new report by Expert Market Research titled, ‘Global Perfume Market Price, Trends, Growth, Analysis, Report and Forecast 2020-2025’, gives an in-depth analysis of the global perfume market, assessing the market based on its segments like perfume types and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2015-2025)
• Historical CAGR (2020-2025): 4.9%
The perfume industry has undergone many changes as the competition has risen, and customer tastes are oscillating. Consumers are more mindful of their personal looks and care to blend into the modern society. This has led to the trend towards higher spending on items such as perfumes that reinforce the consumer’s personality. There has also been a strong demand for luxury fragrances with exotic and exclusive fragrances. In order to meet a wider customer base, producers must now be able to add natural and sustainable ingredients. With the ease of the packaging processes, the perfume products have also been improved, as roll-on, travel sprays, and others are now available. The growth in the global perfume market is also driven by the increasing population in the world, increased urbanisation, aggressive manufacturer marketing, as well as increased demand from emerging markets like the Asia Pacific.
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Industry Definition and Major Segments
Perfume refers to fragrances that are typically made using essential oils extracted from various flowers as well as species, along with other fragrance imparting elements. The product is widely used to add a pleasant smell to the clothes or the body of the users. Perfumes have now become an essential part of personal care products.
The types of perfumes can be divided as follows:
• Premium Products
• Mass Products
The regional markets of perfume include:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
In developing countries, such as India, Indonesia, Thailand, and China, the increased availability of consumers results in increased spending on personal care products for improved health hygiene. In addition, the market for personal care items is fostered by a growing number of working women as well as the increased knowledge of products. Furthermore, growing investment by FMCG firms, including P&G and Unilever in attractive packaging, advertising, and promotional efforts, has increased brand awareness for fragrance products. Rising application in households is expected to act as a major market driver for the increased production of fragrance products, such as sprays, candles, incense bats as well as gels. The industry is also projected to increase customer demand for aromatherapy.
Key Market Players
The major players in the market are Avon Products Inc., Natura Cosmeticos SA (BVMF: NTCO3), Chanel S.A., Coty Inc. (NYSE: COTY), LVMH Moët Hennessy-Louis Vuitton (EPA: MC), L’Oréal (EPA: OR), The Estée Lauder Companies Inc. (NYSE: EL), and The Procter & Gamble Company (NYSE: PG), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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